I figured I’d take some time off from battling economic illiterates and Stockholm-Syndromed left wing Canadians on nature of government bureaucracies to comment on the market. 

The only thing I can say is:  maybe I should do more political blog posts, as it seems to act like Miracle-Gro on my portfolio garden.   And no one is more an example of that than the Ag King Monsanto Company [[MON]] who is kicking down doors and stealing third world children for medical experiments with quite the profitable panache these days.  (Sorry that last was from an E.L.F. brochure I picked up at an Al Gore hedge fund meeting yesterday).  

As a result of today’s ridiculous meltup, [[TZA]] hit my final stop which was $18.30, though my “eggsellent” trading service didn’t sell it for another four pennies.  I will have words for them, believe me.   I always have words.

I also took the opportunity to grab another 100 shares of MON for the Jacksons today at the 10 am price ($81.09), which will get my position size back in line with its former numbers.  Yes, I am buying it higher than where I sold, but what the hell, I didn’t sell it on my “real” portfolio and that should be a lesson to me.  Here I am trying to be more conservative with the Jacksons and all I’m doing is costing you money.   I will try to be more clingy for you in future.

Also at 10 am, I added another $5,000 worth of Thompson Creek Metals Company, Inc. [[TC]] at $14.13 (354 more shares), which will also bring that position back in line with original numbers. I still like Teck Cominco Limited (USA) [[TCK]] here, but am still waiting for a pullback, which has become a wearying excercise. I also like Titanium Metals Corporation [[TIE]] and am adding here at $8.20 to my personal portfolio. Mechel OAO (ADR) [[MTL]] I have mentioned and bot a small amount earlier this month. It is “BTFO” today.

On the PM front, I like Eldorado Gold Corporation (USA) [[EGO]] here, if for only for the fact that it’s lagging, and that I think it will catch up with the crowd. On the fast moving fronts, the silvers are off the blocks again and sprinting ahead. I like Silver Wheaton Corp. (USA) [[SLW]] here, a lot. On the non Jackson front, the juniors are not exactly kicking as much arse as I would expect, but I continue to like their prospects over the majors. All the N’s are good Northgate Minerals Corporation (USA) [[NXG]] , NovaGold Resources Inc. (USA) [[NG]] and New Gold Inc. (USA) [[NGD]] as well as [[EXK]] , [[BAA]] and Allied Nevada Gold Corp. [[ANV]] . Also keep an eye on Nevsun Resources (USA) [[NSU]] and Ivanhoe Mines Ltd. (USA) [[IVN]] . Last of the list, Golden Star Resources Ltd. (USA) [[GSS]] looks nice now, but will look really good on a break of $2.50. As always proceed at your own risk on these little pocket rockets.

I would be remiss if I were to ignore the relative beating the Obama Machine is taking in the polls on this healthcare initiative, and the effect it is having on the prospects of the horrendous bill (mentioned in last post) getting through Congress. I think the alleveation of that impending government blanket on our economy is what’s causing this meltup. That said, the euphoria could be temporary, especially if the Messiah Road Show gets any traction. If last night’s Ramble-a-thon is any indication, I think we’re moving closer to safe ground.

The big insurers are also taking some heart today, with Humana Inc. [[HUM]] , CIGNA Corporation [[CI]] , UnitedHealth Group Inc. [[UNH]] and Aetna Inc. [[AET]] all showing solid gains. I will not buy a one of them, however, until I know Obamacare is dead, and then I might only grab some Almost Family, Inc. [[AFAM]] when I know its safe. Let’s face it, health insurance companies are going to be under the gun for years to come here, and until Congress gets its hand out of their pockets, they’ll struggle within their regulatory environment. You are better off sticking with the inflationary names for now.

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UPDATE: I forgot to mention Consolidated Water Co. Ltd. [[CWCO]] which I am buying here at 16.45 (1k shares, starter). One of the miracles of St. Thug. (Salt water into potable)

UPDATE:  Just bot 1k more The Andersons, Inc. [[ANDE]] for the personal portfolio @ $31.09.

UPDATE:  Just bot 2k more  [[BIOS]] for the personal portfolio @ $6.32.

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Something about today’s low volume isn’t really convincing me today. Perhaps I’ll be shown the fool, I dunno. I do know the dollar is still shaky here with [[UUP]] having a tough time reclaiming the ever important $24.00 mark, and DXY only about fifty cents north of $80. Until the currency firms, I’m not going to be doing any “panic Jaeger bombs” in Danny’s basement.

I will remain in the defensive today, even as certain Jacksonian’s thrive. Our newest addition Teck Cominco Limited (USA) [[TCK]] benefits today from a weekend announced Chinese Gov’t investment, which shows that the Red Chinese are more Jacksonian than the Red Democrats running our Fed and Fisc right now. What irony, no? Also, [[TBT]] is up today, which gives me pause with regard to the Armegeddon scenarios as well. One would think the [[TLT]] would be up today given the dire portents afoot, no? But it’s not. Also, the hedge [[TZA]] is serving its purpose again today.

As a result of my skepticism, in true Costanza fashion, I am taking advantage of the worse wounded Jackson today — Silver Wheaton Corp. (USA) [[SLW]] — which has a intermediate term (10/25/08 lows to 6/4/09 highs) 38.2% fib retrace line at $7.74. Our lows today were $7.72, and we are now back at $7.74 as I type this. I bot another 2k at $7.82 all the same. I also got another 2k of Rubicon Minerals Corp. (USA) [[RBY]] at $2.88 as I continue to believe this name will show M&A related relative strength as it has been.

As ever the caveats are in place, especially with SLW — for which I have an unnatural obsession. Purchase of either of these — especially today — will cause your Lance Armstrong “Live Strong” bullshit rubber bands to tighten in the sun, rendering your hands useless clubs for the duration.

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—-  Back Among Friends —

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C’mon, you know I couldn’t resist a low hanging curve like this one.    But enough about the not-so-mourned paedophile (sic), as it looks like the real Jacksons are breaking out again.  Even with the modified [[TZA]] hedge position, I still came away with a righteous 2.73% up day yesterday for the JCHP.

And that’s not including the sundry “side-bets” I made courtesy of the Chart Addict Casino and Burlesque Review.    I try not to play long there, as it can be “addicting.” 

Yesterday, while the site was down, I played around a little with the Jacksonian Portfolio Presentation again, and while I don’t think I will reveal the actual stock holdings every day, I thought the additional information below might be helpful for you to understand how I am trading within the portfolio to harvest gains and manage risk.   So today, I’ve done away with the “comments” portion in order to show you the actual holdings as of yesterday. 

As a point of clarification, the only change I made yesterday was to sell one half the TZA hedge position at $23.67, taking a little over a dollar loss on 201 shares (I still hold the remaining half).     That left me with a bit over $13,440 in cash in the position.  For the purposes of the weighting, I have cash sitting at an annual return of 2.5%.  

As you will see it was an amazing day yesterday, as silver cleared $14.00 and gold held steady as well, pushing the $940 area (we are flirting with that price again today, despite the rest of the market being down).   I think the miners will likely take a rest today and we may even be in for more consolidation.  The trick is not to get impatient here, and to manage your positions for the next major cycle turn. 

For today, continue to keep an eye on the junior miners, including Jacksonian Eldorado Gold Corporation (USA) [[EGO]] , and non-Jacksonians NovaGold Resources Inc. (USA) [[NG]] , New Gold Inc. (USA) [[NGD]] , Northgate Minerals Corporation (USA) [[NXG]] , Allied Nevada Gold Corp. [[ANV]] , Aurizon Mines Ltd.(USA) [[AZK]] and maybe most important, Rubicon Minerals Corp. (USA) [[RBY]] .  This should be a consolidation day for all of those, so shop with “moth hands.”

As for silvers, they are all strong relative to the market today as the underlying metal is making a nice return over $14 here.  Keep an eye on micro-junior [[EXK]] for action, and also [[CDE]] which seems to be a day ahead of its brethren, and may have a consolidation day today as well.

As for the non-PM’s… I continue to like Teck Cominco Limited (USA) [[TCK]] here, and good old Jacksonian Thompson Creek Metals Company, Inc. [[TC]] might run into trouble again at its 38.2% fib retrace at $10.88.   More in updates to come…

Jacksonian Core Holdings with Cash & Stock Weightings

Name/					Position’s	Number of	Percentage	Weighted
Ticker	24-Jun	25-Jun	% Change		Port Value	Shares	of Port	return
ANDE	$        28.84	$ 29.95	3.85%		$   18,085.75	603.86	10.34%	0.40%
EGO	8.51	9.39	10.34%		8,798.43	937.00	5.03%	0.52%
GDX	38.49	39.99	3.90%		12,103.51	302.66	6.92%	0.27%
GLD	91.45	92.31	0.94%		10,616.44	115.01	6.07%	0.06%
IAG	9.99	10.58	5.91%		13,045.62	1,233.05	7.46%	0.44%
MON	76.16	75.66	-0.66%		4,437.53	58.65	2.54%	-0.02%
NRP	20.92	20.83	-0.43%		8,646.74	415.11	4.94%	-0.02%
PAAS	18.47	19.34	4.71%		11,615.62	600.60	6.64%	0.31%
RGLD	43.74	46.00	5.17%		12,710.69	276.32	7.27%	0.38%
SLV	13.68	13.81	0.95%		11,218.52	812.35	6.41%	0.06%
SLW	8.34	8.81	5.64%		8,557.48	971.34	4.89%	0.28%
SSRI	18.65	19.65	5.36%		11,431.07	581.73	6.53%	0.35%
TBT	53.03	51.03	-3.77%		10,165.34	199.20	5.81%	-0.22%
TC	9.63	10.31	7.06%		4,836.52	469.11	2.76%	0.20%
TCK	16.12	15.99	-0.81%		10,631.65	664.89	6.08%	-0.05%
TZA	24.86	22.74	-8.53%		4,581.18	201.46	2.62%	-0.22%
AVG (daily)			2.48%		$ 161,482.09	Equity value	92.32%
AVG (monthly)			-5.89%		$   13,440.07	Cash	7.68%	0.00%
AVG (inception)			16.22%		$ 174,922.16	Tot Port Value	100.00%	2.73%

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Yes, I’ve been down here all day stacking cans of chicken stock and chewing tobacky with the Devil Dawg, whilst we discuss Obamacare Armageddon scenarios and the influence of Frederick Heidegger on the work of the BeeGees, post-Staying Alive.

Okay, so it’s not that bad yet, but I’ve “taken some steps” ovah heah, as I mentioned I would last night.   One of them was to cut back a bit on certain plays where I had some substantial gains (in the case of Silver Wheaton Corp. (USA) [[SLW]] and Thompson Creek Metals Company, Inc. [[TC]] ) or wanted to reduce some exposure due to flaccidity Eldorado Gold Corporation (USA) [[EGO]] — all in order to raise cash.  

I sold 25% each of the SLW and EGO and another one third of the TC, as it broke $9.25.    I now have just a third of my original 1,407 shares of TC purchased at $7.11 left.  This second batch was sold at quite a bit less than the first ($11.21), but still at a 30% premium.

The SLW was sold at $8.21 right before the close, and the EGO at $8.12, at 6.35% and 1.5% returns, respectively.  Ugly and the folk in the PPT will tell you how reluctant I was to part with even that much, but a necessary cash raiser for our protective [[TZA]] , of which we purchased $10,000 worth at $24.82(as mentioned this morning in the last post’s comments), similar to our other “initial purchases” in the JCHP.    I reserve the right to add more in $10k increments, and may do so tomorrow, depending on where this market is headed.

I am also looking at [[SMN]] as a possible add tomorrow, and Natural Resource Partners LP [[NRP]] as a possible cut, again depending on what the commodity movers do.  Stay tuned.

Name	22-Jun	% Change	23-Jun	% Change		Comments
ANDE	$ 28.45		$ 28.23	-0.77%		50-day @ $27.53, could “touch & go.”
EGO	7.65		8.07	5.49%		Strong launch off the 200 day today (7.64)
GDX	35.74		37.33	4.45%		Also bounced off the 200 day EMA (35.71)
GLD	90.54		90.92	0.42%		$90 seems like support/
IAG	9.04		9.58	5.97%		Nice rebound from yesterday’s plunge.
MON	78.12		79.30	1.51%		Continue to watch that $77.25 level.
NRP	20.60		20.65	0.24%		Rebounded weakly, may sell tomorrow.
PAAS	18.02		18.31	1.61%		Need some follow through tomorrow
RGLD	41.12		42.43	3.19%		Closed just about 50 day ($42.27)
SLV	13.54		13.62	0.59%		Tepid response, but POS up 15 cents tonight.
SLW	7.97		8.21	3.01%		Needs to reclaim 200 day @ 8.40, or die trying.
SSRI	17.56		17.99	2.45%		same as above, 200 day is @18.91
TBT	53.28		51.85	-2.68%		Could easily get back to 49.25 before bounce.
TC	9.40		9.42	0.21%		Sold another 1/3 at $9.24.
TCK	14.57		15.51	6.45%		Nice bounce off 200 day EMA @ 14.62
TZA	24.82		25.57	3.02%		New hedge entrant, up nominally today.
AVG (daily)				2.20%
AVG (monthly)				-9.93%
AVG (inception)				11.03%
Cash ( 000’s)				$   4.14

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I was beaten like a silver gong today, and Mr. Market is telling me in not so polite terms that I’d better get the hood up on the convertible before he starts raining golf ball sized hail on my head.

I’ve been busy here so I don’t have a ton of time for comment, but suffice it to say, until further notice, we are in bunker mode.  That means I will be hedging the JCHP with double and treble ETF’s in order to make up for any downward motion in the silver and gold plays.  As well, I may either cut back severely, or totally eliminate certain positions.  

Natural Resource Partners LP [[NRP]] is an example.    I am keeping it right now, even though it is down more than 10% since inception because it carries a high dividend yield (almost 9% at inception, higher now).  However, I may get rid of it if it dumps below $20.   I may also take this opportunity to lard on some [[SMN]] or other appropriate short shields.   I will definitely add [[TZA]] — the triple short small cap —  at the open for instance, since I bot some just before the close today for my own portfolio ($24.92) 

I think we’ll probably get a bit of a bounce tomorrow, and I’ll be taking that opportunity to move into cash and some hedges, as I don’t think this is over.  If it’s just a short term blip, so be it.   We can scale back in when the ground is safer.   In the meantime, protecting principal (and gains) will be the paramount idea. 

I’ll update the JCHP later tonight.

Update:  One thing to keep in mind is that the US Gubb’mint needs to sell over $100 billion in bonds this week.  You think there might be a reason to jack the price of Treasuries [[TLT]] for such selling purposes?  Remember, Goldman sells these things for them.

Update: Here’s yesterday’s ugly Jacksonians.  I just picked up some TZA @ 24.85 (yes, lower than yesterday’s entry) for insurance:

Name	19-Jun	22-Jun	% Change		Comments
ANDE	$ 28.61	$   28.45	-0.56%		Spent most of the session up
EGO	8.20	7.65	-6.71%		Broke $8 support, next at $7.19
GDX	38.39	35.74	-6.90%		Broke TL barely, needs to get back to 36.75
GLD	91.90	90.54	-1.48%		Also broke TL, needs to see over $91.50
IAG	9.36	9.04	-3.42%		Also beneath TL, needs $9.35
MON	80.73	78.12	-3.23%		Still on trend, needs to stay over $78.
NRP	21.99	20.60	-6.32%		Sell below $20.00
PAAS	18.93	18.02	-4.81%		Least banged up silver today, still above TL
RGLD	43.08	41.12	-4.55%		Still above TL, 38.2% fib @ $39.50
SLV	13.99	13.54	-3.22%		Still above TL til $12.87
SLW	8.63	7.97	-7.65%		Right on long term TL today, gotta bounce here.
SSRI	18.92	17.56	-7.19%		Still on long term TL til 16.50, could get there.
TBT	54.34	53.28	-1.95%		Could easily get back to 49.25 before bounce.
TC	10.54	9.40	-10.82%		Sell all on a break of $9.25, 1/2 on gap fill 10.38
TCK	16.54	14.57	-11.91%		Sell below 14.35, long term TL @ $12.50
AVG (daily)			-5.38%
AVG (monthly)			-12.15%
AVG (inception)			9.39%
Cash ( 000’s)			$       4.61

UPDATE: The following astounding link should be clicked by all.   Keep in mind that The POTUS just asked that the Fed be put in charge of MORE of our financial system, and then watch this.

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